Chariot Deposit Account*

What is a Chariot Deposit Account?

A Chariot Deposit Account* is a Demand Deposit Account (DDA), or bank account, that is legally owned by your organization.

The Chariot Deposit Account makes it possible to collect, align and manage all of the information related to incoming grants in one dedicated portal. Chariot’s system is designed to receive grants from Payers (e.g., DAFs, Foundations) along with all associated data needed to track and acknowledge those gifts. These grants are then aggregated into one central repository that is built specifically to optimize nonprofit gift processing workflows.

A subset of Payers—called Grantmaker Partners—are automatically linked to Chariot. Gifts from these partners are pre-integrated with Chariot’s systems and include full data and payment visibility.

The Chariot Deposit Account allows your organization to receive gifts from Chariot's Grantmaking Partners, who use our product to make rapid, secure payments to grant recipients. In instances where both the Payer and the recipient organization each have Chariot Deposit Account, it optimizes the speed, safety, and cost of funds movement for everyone.

❓Is a Chariot Deposit Account like a Stripe or PayPal Account?

Chariot Deposit Accounts are different from other payment accounts your organization might use, like PayPal or Stripe. For eligible nonprofits, Chariot provides a DDA that is legally owned by your organization and has its own account and routing number. This is a critical feature that makes it possible to receive funds into your Chariot Deposit Account from Payers that require funds to be sent to a bank account legally owned by your organization.

❓Do We Have to Use a Chariot Deposit Account?

Chariot’s system requires funds be sent to a Chariot Deposit Account in order to properly reconcile your donation data and inbound payments. Our system is built around the specifications of Chariot Deposit Accounts, which are administered by our bank partner, Column N.A., Member FDIC. Therefore, you cannot “bring your own” bank account. However, you can add an External Financial Account (EFA) to periodically transfer funds out of your Chariot Deposit Account.